A measurement technique was devised which permits direct observation of the magnetic entropy of solids as a function of applied magnetic field. Measurements were made of the magnetic entropy, in the temperature range 2 to 20 K, of polycrystalline samples of dysprosium titanium oxide (Dy2Ti2O7) to determine its suitability for use as the working substance of a magnetic refrigerator. Magnetization measurements were also made at 4.2 K and below to provide additional information on the nature of the compound. The measurements indicated that crystalline electric fields perturbed the ground state of the dysprosium ions, removed the 16-fold degeneracy predicted by Hund's rules, and left only a twofold degeneracy in its place. A positive, temperature independent contribution to the magnetization was observed in the saturation region, which indicated that the doublet ground-state wave function was perturbed by a nearby unpopulated upper energy level.